Philip Schulte’s new book is a must-read for young adults

Philip Schulte is a published author and entrepreneur. He is no stranger to challenges, as he has faced many roadblocks in his life. It is because of these challenges that Philip was inspired to write a book which would help educate young individuals to make choices that will set them up for success early on in their lives.

His newest book, The Eight H's; a Young Person’s Guide For the “Real World”, is essentially a how-to manual for young adults which will educate and guide them through the major decisions that will impact the rest of their lives. Philip shared with us eight important topics he believes every young person must learn.

Higher Education

Although the idea of choosing and attending a college seems simple, students are given thousands of colleges and universities to choose from, as well as many fields of study. Should a young person pick a college and a major?  First, you must decide whether a community college, technical college, or four-year university is the best fit for you.
Selecting the type of college involves looking at the best value that is affordable for you, as well as examining the college’s reputation, size, location, curriculum, and the cost of attendance.  

Another major consideration is the success of its graduates in the marketplace, and the X-factor which is whether it is the right fit for you. Students also need to learn how to navigate the student financial aid maze, how to borrow wisely, and how to pick a major based on their interests as well as the post-graduation job market.

Students can take advantage of many special government programs that allow them to pay back the student loans based on their salary after graduation, and there are even programs which under certain conditions can forgive the loans entirely.

College may not be for you at all, and that is fine; however, it’s important to weigh all of your options before making any decision.

Hock: Being in Debt
Aside from college debt, many young people have to borrow money to pay for various expenses.   Learning how to strategically build up a credit history to achieve a strong credit score can make a difference of thousands of dollars in interest payments.    

Credit cards, if not used wisely, can become a debt trap which can quickly become unmanageable as interest charges compound the amount owed. It is absolutely essential that young people learn how to play the credit game.

Health Care

Young people who are working or who are in college may have to decide whether to sign up for health care coverage.

Understanding the complexities of annual deductibles, co-pays and co-insurance, as well as out of pocket maximum payments is necessary to pick the right insurance plan. This is often a topic many younger individuals overlook, but it is extremely important.

Housing

Another huge cost item is housing. Young people usually begin with renting property having lived their whole life at home.  The legal obligations that you assume as a tenant- applications, credit checks and limitations on the use of the apartment need to be evaluated and accepted.   Also, the high cost associated with 1-2 months of rent plus a security deposit may make it very challenging to secure housing at first.

It is essential to rent within your budget, as many young people try to stretch their money too far, leaving minimal room for emergency funds.  Affordability is also a major factor in buying a home.  

There are many other factors to consider when it comes to housing such as the state of the local economy, whether it is cheaper to rent or buy, neighborhoods, housing types, and different types of mortgages.

Hired: The World of Employment

We are finally making our way to the revenue side of things, and that first job is a welcome change from always pinching pennies with little to no income;  however, it does not matter if you're coming from high school or college, the work world is very different than the academic environment you are used to.

Employers tend to insist on things such as punctuality, ethics, image, responsibility, and efficiency.

Mastering these skills can be the difference between success and failure. Also, work environments are often very unforgiving of mistakes, and building a solid work reputation and resume is crucial for long term success.  Young people also need to develop a sense of when it may be time to move on to their next job, as many may find they have outgrown their current role or company.

High Income Investing

Increasing the return on investments while managing risk is extremely important to make your hard-earned dollars work smarter.

To do this, one must have an understanding of stocks, bonds, passive versus active investing, when to take intelligent risks to achieve higher returns in business development companies, real estate investment trusts, and much more.  

Winning at the investment game can eventually lead to financial freedom, opening the door to countless opportunities.

Hacks: Thinking Outside of the Box

In today’s world, there are a plethora of ways to make extra money. Young people frequently have sideline projects to make some sort of additional income. In the age of social media and the internet, possibilities are endless.
It’s important to invest time each week into creating your own sideline project, as these can often turn into small businesses with consistent time and effort put forth. For many young individuals, e-commerce and digital marketing sidelines have blossomed into full time jobs.

Happiness

Achieving success financially is great, but not at the expense of having a lousy quality of life.   Beyond the basic resources to survive, it is important for young people to develop social relationships, a purpose in life, and a passion in what they do inside and outside of their work.

With the development of a healthy work-life balance, young people can avoid becoming constantly pressured, unfulfilled, and unhappy. We are only given one life, and time has a funny way of passing us by. It’s important to spend as much time as we can doing what we love.

Prepare for Success    

There you have it, the Eight H’s. These are some of the most important choices that young people will face from ages 16-35, especially now with such a tight job market and stagnant wages.

Young people need to use every dollar effectively and avoid unnecessary mistakes that will set them back now and in the future. If you can master the Eight H’s, you can set yourself up to win at the game of life.

Disclaimer: No Asian Age journalist was involved in creating this content. The group also takes no responsibility for this content.